About

Introduction:

Anchor University Staff (Ayobo) Multipurpose Society Limited commenced operations in June 2017 with sixty-two (62) members and by the time it was being formally registered by the Lagos State Ministry of Commerce, Industry and Cooperative in August 2017, the number of cooperators had risen to Seventy-Five (75).

One of the tasks given by the Management of Anchor University when the Society was being inaugurated was to get it registered with the Lagos State Ministry of Commerce, Industry and Cooperative. The task was completed in August when the Cooperative Society was formally inaugurated by the representatives of the Director of Cooperative Society.

At the beginning of the Cooperative operations, the selected Executives made use of the Microsoft Excel sheet and remittances were made into the cooperative account through deductions made from the salary account with the Bursary department of the University.

Management of the Cooperative at Inception

The University management in her wisdom decided to select seven staff to pioneer and kick start the operations of the cooperative at inception. It is worthy of mentioning here that Anchor University Management paid the required fees for the cooperative to be registered with the Lagos State Ministry of Commerce, Industry and Cooperative. The University gave the cooperative a seed token of One Hundred and Twenty Thousand Naira (N120,000.00) to open the Cooperative account with First Bank of Nigeria Limited, Ayobo Branch, at the commencement of the society.

Similarly, the University magnanimously allocated a Secretariat to the Cooperative for the day to day running of the society, as well as assisted in posting a Youth Corps member to help in managing the cooperative.

Annual General Meetings

The society have been able to hold its annual General Meetings (AGM) every year since 2018. The last one was held on 23rd August 2022 and the fourth in the series. The stewardship of the management executive were rendered at the AGM, where statement of accounts were laid before the cooperators.

Shares

At the inception of the cooperative in 2017, emphasis was laid on the need for every member of the cooperative to be a shareholder but for the financial inability of some members, only 47 members subscribed to the shares of the cooperative to the tune of 408,000 units at the rate of N5 per share and a total value of two Million, and forty Naira only (N2,040,000.00).